Island Energy Services, an entity controlled by One Rock Capital Partners, now owns Chevron’s refining, distribution, and retail assets in Hawaii.
That includes a refinery in Kapolei, four product distribution terminals on Oahu, Maui, Kauai and Hawaii Island, and pipeline distribution systems.
With new ownership in place, drivers can expect to see Chevron-branded gas stations turned into Chevron’s Texaco brand over the next year.
Customers will still be able to receive the same discounts at the pump associated with the Safeway Reward Points and Chevron credit card programs.
Island Energy will be headquartered in Kapolei and managed locally with 99 percent of Chevron’s Hawaii-based employees remaining with the company.
It is also hiring additional employees with plans to expand statewide.
Frank Young, a former Chevron dealer and former chair of the Petroleum Advisory Council, says the move is good for Hawaii drivers.
“Chevron being bought out has a lot of potential for the consumers in Hawaii because we don’t have a major player in the market and we have a lot of smaller players. It heightens competition between the players, whereas when you had a major player, then you had a dominant player that could actually control the market,” he said.
“Even like now, with less players, or more smaller players, you’re seeing a lot of fluctuation in prices, and that’s good,” Young explained. “In the past, Hawaii had a reputation of prices going up, but never going back down. Nowadays, you see prices going up seven, eight cents overnight, but then you see them go down seven or eight cents overnight again, which is a good thing. That’s how a market is supposed to react.”